The Lease Agreement for Hydrocarbon Exploration and Production in the area of West Patraikos Gulf was signed today by the business scheme comprising HELLENIC PETROLEUM S.A. (operator), Edison International S.p.A and Petroceltic Resources Plc., after the awarding, following the submission and evaluation of the relevant offer, by the Greek Ministry of Environment, Energy and Climate Change.
HELLENIC PETROLEUM employs highly-qualified scientific and technical staff and has participated in and conducted oil exploration projects in many areas in the region of Southeastern Europe (Greece, Libya, Egypt, Albania, Montenegro). Edison participates in hydrocarbon exploration and production activities in various concessions in Europe, Africa and the Middle East, with a daily production of about 53,000 barrels of oil equivalent and Petroceltic in concessions in Eastern Europe and the Middle East, with a daily production of 25,000 barrels of oil equivalent. The collaboration of the three experienced and financially sound companies provides full scientific, technological, environmental and financial assurance for the successful operations in the Patraikos Gulf.
Following the ratification of the Agreement by the Greek Parliament, HELLENIC PETROLEUM and its partners are set to begin exploring the underwater resources in the area by implementing the most up-to-date, safe and environmentally friendly technological methods, showing the utmost respect for local communities and their current activities.
The signing of the Lease Agreement is a particularly important development for Greece, as it reinitiates the process of hydrocarbon exploration and production in our country, creating conditions for the positive participation of this industry branch in the development of Greek economy. It also sets a milestone for HELLENIC PETROLEUM, as it enables the Company to engage in yet another business sector in Greece, verifying its capabilities in the entire energy industry spectrum, enhancing its credibility on an international level through its cooperation with specialized and dynamic oil companies and bearing expectations for a positive contribution to the future profitability of the Group.